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Antrim Energy Inc. ("Antrim" or "the Company") (TSX VENTURE:AEN) (AIM:AEY), an international oil and gas exploration company, today reported its financial and operational results for the three and nine month period ended September 30, 2014.

All financial figures are unaudited and in US dollars unless otherwise noted.

On February 7, 2014 the Company announced that it entered into an agreement to sell, subject to shareholder and regulatory approval, its Causeway, Kerloch and Cormorant East assets, structured as a sale of all of the issued and outstanding shares in the capital of Antrim Resources (N.I.) Limited ("ARNIL") for $53 million in cash, plus the assumption of certain liabilities and adjusted working capital, from which Antrim would settle on closing all outstanding obligations under its Payment and Oil Swap agreements. On April 24, 2014 the Company completed the sale of ARNIL and settled its outstanding obligations under its Payment and Oil Swap agreements.

On November 3, 2014, the Company announced that it was making significant changes to the composition of its board and management as part of a strategy designed to protect its strong financial position.

Overview of Continuing Operations

Ireland

Frontier Exploration Licence 1-13, Antrim 25%

Antrim acquired a Licensing Option in the 2011 Atlantic Margin Licensing Round covering an area of 1,409 km2 (the "Skellig Block"). Antrim licensed, reprocessed and interpreted 2D seismic data over the blocks and identified a Cretaceous deep sea fan complex similar in seismic character to many of the recent Cretaceous oil discoveries offshore West Africa.

In April 2013, the Company farmed out a 75% interest in, and operatorship, of the Licensing Option to Kosmos Energy Ltd. ("Kosmos") in exchange for Kosmos carrying the full costs of a planned 3D seismic program within the licence area and re-imbursement to Antrim of a portion of the exploration costs incurred on the blocks to date. Antrim retained a 25% interest. The transaction was approved by the Department of Communications, Energy and Natural Resources of Ireland ("DCENR").

Results from the recently acquired 3-D seismic programme reinforced the interpretation based on 2-D seismic and strongly indicated the presence of Lower Cretaceous slope fan and channel deposits similar in geometry and seismic character to many of the recent Cretaceous oil discoveries offshore West Africa.

On July 29, 2014 Antrim announced the results of a prospective resources report for the Skellig Block. These prospective resources were evaluated by McDaniel & Associates Consultants Ltd. ("McDaniel") in accordance with National Instrument 51-101 in a report dated effective June 30, 2014. Prospective resources were assigned to 17 leads within the Skellig Block. The report estimates a total unrisked prospective resource potential of 1.1 billion barrels of oil equivalent ('Best Estimate') on the licence. See "Notes on Oil and Gas Disclosure" below.

The following table provides an aggregate summary of the Prospective Resources for the 17 independent leads evaluated within the entire property:

Prospective Resources (1) (2) (3) (4) (5)

Total All Leads

Property Gross - Unrisked

Property Risked

Antrim Risked

Low Estimate

Best Estimate

High Estimate

Mean Estimate

Mean Estimate

Crude Oil (Mbbl)

54,533

260,206

1,108,434

59,396

14,849

Natural Gas (MMcf)

1,157,006

4,683,844

17,883,056

992,865

248,216

Condensate (Mbbl)

12,864

87,128

429,070

22,330

5,582

Cumulative Thousand Barrels of Oil Equivalent (Mboe)

260,231

1,127,975

4,518,014

247,203

61,800

The two largest leads represent 42.7% of the total unrisked property Prospective Resources (Best Estimate boe) or 46.5% of the total risked mean property boe of Prospective Resources.

Notes:

There is no certainty that any portion of the prospective resources will be discovered. If discovered, there is no certainty that it will be economically viable or technically feasible to produce any portion of the resources.

The columns marked as "Unrisked" have not been risked for chance of discovery or chance of development. The columns marked as "Risked" have been risked for chance of discovery, but have not been risked for chance of development. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development.

The "Antrim Risked Mean Estimate" reflects Antrim`s 25% working interest share of the gross prospective resource estimates shown in the "Property Risked Mean Estimate" column; All other columns in the above table reflect the gross 100% prospective resources of the Licence (of which Antrim's current working interest is 25%).

Gas was converted to barrels of oil equivalent ("boe") at a ratio of 6 Mcf to 1 bbl.

The total risked mean is equal to the aggregate sum of the unrisked mean (arithmetic average) estimate for each lead multiplied by the chance of discovery for the lead.

Fyne Licence

P077 Block 21/28a - Fyne, Antrim 100%

In late March 2013 the Company announced that it would not proceed with development of the Fyne Field using an FPSO. This followed a significant escalation of expected future development costs. The Company subsequently signed a joint development agreement ("JDA") with Enegi Oil Plc ("Enegi") and Advanced Buoy Technology (ABTechnology) Limited ("ABTechnology") to undertake and fund the work associated with producing and submitting to DECC a Field Development Plan ("FDP") using buoy technology. The terms of the agreement included that there would be no costs to the Company prior to FDP approval. A FDP was not prepared in time to meet the August 31, 2014 submission requirements of DECC and the Company is in discussion with DECC regarding the Fyne Licence terms. The carrying value of the Fyne Licence at September 30, 2014 is $nil (December 31, 2013 - $nil).

In November 2014 the Company was notified by DECC that it has been offered a licence for Block 21/28b (Antrim - 50%) in the recently announced offer of award for the UKCS 28th Seaward Licensing Round. Block 21/28b, which contains earlier discoveries; Crinan (previously Area 4) drilled in 1987 and Dandy drilled in 1990 as well as other undrilled prospects, was previously held by Antrim from the 25th Licensing Round until its relinquishment in early 2013.

Erne Licence

P1875 Block 21/29d - Erne, Antrim 50%

The Erne Licence started in January 2011 and is a Promote Licence with a drill-or-drop commitment. The Erne wells drilled in late 2011 met all the commitments on the Licence. A discovery was made with the 21/29d-11 well and also in the up-dip side-track 21/29d-11z well. These discoveries are not commercial on their own, but may be economic to develop as tie-backs to an adjacent production facility if that transpires. The initial four year term of the Licence expires in January 2015 at which time there is a requirement to relinquish 50% of the Licence area. The carrying value of the Erne Licence at September 30, 2014 is $nil (December 31, 2013 - $nil).

Financial Discussion of Continuing Operations

Three Months Ended

Nine Months Ended

September 30,

September 30,

($000's except per share amounts)

2014

2013

2014

2013

Financial Results

Cash flow used in operations (1)

(109

)

(388

)

(3,798

)

(6,690

)

Cash flow used in operations per share (1)

(0.00

)

(0.00

)

(0.02

)

(0.04

)

Net loss - continuing operations

(538

)

(1,255

)

(5,742

)

(7,068

)

Net loss per share - basic, continuing operations

(0.00

)

(0.01

)

(0.03

)

(0.04

)

Net loss

(528

)

(16,067

)

(9,212

)

(17,990

)

Net loss per share - basic

(0.00

)

(0.09

)

(0.05

)

(0.10

)

Total assets

18,401

101,144

18,401

101,144

Working capital

16,501

(14,383

)

16,501

(14,383

)

Capital expenditures - continuing operations

78

260

273

377

Common shares outstanding

End of period

184,731

184,731

184,731

184,731

Weighted average - basic

184,731

184,731

184,731

184,731

Weighted average - diluted

184,731

184,731

184,731

184,787

Cash flow from operations and cash flow from operations per share are Non-IFRS Measures. Refer to "Non-IFRS Measures" in Management's Discussion and Analysis.

Cash Flow and Net Loss from Continuing Operations

In the nine month period ended September 30, 2014, cash flow used in operations was $3.8 million compared to cash flow used in operations of $6.7 million for the corresponding period in 2013. Cash flow used in operations decreased in 2014 due to lower E&E expenditures partially offset by higher general and administrative costs related to employee severance.

In the nine month period ended September 30, 2014, Antrim had a net loss from continuing operations of $5.7 million compared to a net loss from continuing operations of $7.1 million for the corresponding period in 2013. Net loss decreased due to lower E&E expenditures and finance costs partially offset by higher general and administrative costs.

Financial Resources and Liquidity

Antrim had a working capital surplus at September 30, 2014 of $16.5 million compared to a working capital surplus of $0.8 million as at December 31, 2013. Working capital increased as a result of the sale of ARNIL in April 2014 and the repayment and settlement of all outstanding obligations under the Company's bank debt and financial derivative.

Outlook

The Company recently announced changes to the composition of its board and management as part of a strategy designed to protect its strong financial position.

The Company will continue to evaluate and de-risk the Irish Skellig Licence with a view to farming down or otherwise reducing its interest before a well is drilled. Antrim intends to bid to acquire additional interests in Ireland through the recently announced Irish bid round.

The Company also intends to use its strong balance sheet and licence holding to acquire opportunities either asset specific or corporate where an acquisition or a corporate combination would enhance shareholder value. The Company has evaluated a number of opportunities over the past three months and will continue to look for additional opportunities. The board of Antrim views the Company's strong financial position as a competitive advantage in the current volatile oil price environment and the Company will continue to seek ways to reduce the Company's G&A costs to further protect its financial position.

About Antrim

Antrim Energy Inc. is a Canadian, Calgary based junior oil and gas exploration company with assets in the UK North Sea and Ireland. Antrim is listed on the TSX Venture Exchange (AEN) and on the London AIM market (AEY). Antrim's third quarter 2014 interim financial report (including management's discussion and analysis and unaudited interim consolidated financial statements), is available on SEDAR and our website. Visit www.antrimenergy.com for more information.

Notes on Oil and Gas Disclosure

Prospective resources are defined as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be sub-classified based on project maturity.

Estimates of resources always involve uncertainty, and the degree of uncertainty can vary widely between accumulations/projects and over the life of a project. Consequently, estimates of resources should generally be quoted as a range according to the level of confidence associated with the estimates. An understanding of statistical concepts and terminology is essential to understanding the confidence associated with resources definitions and categories. The range of uncertainty of estimated recoverable volumes may be represented by either deterministic scenarios or a probability distribution. Resources should be provided as low, best and high estimates, as follows:

Low Estimate - This is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. If probabilistic methods are used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate.

Best Estimate - This is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.

High Estimate - This is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.

The calculation of barrels of oil equivalent ("boe") is based on a conversion rate of six thousand cubic feet of natural gas ("mcf") to one barrel of crude oil ("bbl"). Boe's may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

The resource estimates contained herein are estimates only and the actual results may be greater than or less than the estimates provided herein. The estimates of resources for individual leads may not reflect the same confidence level as estimated resources for all leads, due to the effects of aggregation. The total prospective resources presented are based on the arithmetic aggregation of all of the leads, which will result in a greater than 90 percent chance of exceeding the overall Low Estimate total and less than a 10 percent chance of exceeding the overall High Estimate Total.

Positive aspects of exploration in the Skellig Block are: (i) similarity of basin geology to geology of the northern part of the Porcupine Basin and the Canadian North Atlantic basins on the conjugate margin where hydrocarbon discoveries have been made; and (ii) a working petroleum system with a proven Jurassic source and the possibility of mature Cretaceous shales. Potential concerns of exploration in the Skellig Block are: (i) the presence of significant quantities of reservoir quality sands at depths of 4,000 to 6,000 metres subsea; (ii) lateral seals in Cretaceous stratigraphic traps; and (iii) hydrocarbon migration into potential Cretaceous reservoirs.

Additionally, certain abbreviations are as follows:

Oil and Natural Gas Liquids

Bbls - barrels

Mbbls - thousand barrels

Mboe - thousand barrels of oil equivalent

Natural Gas

Mcf - thousand cubic feet

MMcf - million cubic feet

Forward-Looking and Cautionary Statements

This press release and any documents incorporated by reference herein contain certain forward-looking statements and forward-looking information which are based on Antrim's internal reasonable expectations, estimates, projections, assumptions and beliefs as at the date of such statements or information. Forward-looking statements often, but not always, are identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeting", "forecast", "achieve" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements and information. Antrim believes that the expectations reflected in those forward-looking statements and information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements and information included in this press release and any documents incorporated by reference herein should not be unduly relied upon. Such forward-looking statements and information speak only as of the date of this press release or the particular document incorporated by reference herein and Antrim does not undertake any obligation to publicly update or revise any forward-looking statements or information, except as required by applicable laws.

In particular, this press release and any documents incorporated by reference herein, contain specific forward-looking statements and information pertaining to the quantity of and future net revenues from Antrim's reserves of oil, natural gas liquids ("NGL") and natural gas production levels. This press release may also contain specific forward-looking statements and information pertaining to Antrim's plans for exploring and developing its licences, including exploration of the Skellig block, the financial effect of the ARNIL Sale upon Antrim, commodity prices, foreign currency exchange rates and interest rates, capital expenditure programs and other expenditures, supply and demand for oil, NGLs and natural gas, expectations regarding Antrim's ability to raise capital, to continually add to reserves through acquisitions and development, the schedules and timing of certain projects, Antrim's strategy for growth, Antrim's future operating and financial results, treatment under governmental and other regulatory regimes and tax, environmental and other laws.

With respect to forward-looking statements contained in this press release and any documents incorporated by reference herein, Antrim has made assumptions regarding: Antrim's ability to obtain additional drilling rigs and other equipment in a timely manner, obtain regulatory approvals, the consideration received in the ARNIL Sale will not change materially as a result of post-closing adjustments, the level of future capital expenditure required to exploit and develop reserves, the ability of Antrim's partners to meet their commitments as they relate to the Company and Antrim's reliance on industry partners for the development of some of its properties, the general stability of the economic and political environment in which Antrim operates and the future of oil and natural gas pricing. In respect to these assumptions, the reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect.

Antrim's actual results could differ materially from those anticipated in these forward-looking statements and information as a result of assumptions proving inaccurate and of both known and unknown risks, including risks associated with the exploration for and development of oil and natural gas reserves such as the risk that drilling operations may not be successful, unanticipated delays with respect to the development of Antrim's properties, operational risks and liabilities that are not covered by insurance, volatility in market prices for oil, NGLs and natural gas, changes or fluctuations in oil, NGLs and natural gas production levels, changes in foreign currency exchange rates and interest rates, the ability of Antrim to fund its capital requirements, Antrim's reliance on industry partners for the development of some of its properties, risks associated with ensuring title to the Company's properties, liabilities and unexpected events inherent in oil and gas operations, including geological, technical, drilling and processing problems, the risk that the consideration from the ARNIL Sale is reduced as a result of post-closing adjustments, the risk that additional change of control payments to employees of Antrim become payable as a result of the ARNIL Sale, the risk of adverse results from litigation, the accuracy of oil and gas reserve estimates and estimated production levels as they are affected by the Antrim's exploration and development drilling. Additional risks include the ability to effectively compete for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value of acquisitions, Antrim's success at acquisition, exploitation and development of reserves, changes in general economic, market and business conditions in Canada, North America, the United Kingdom, Europe and worldwide, actions by governmental or regulatory authorities including changes in income tax laws or changes in tax laws, royalty rates and incentive programs relating to the oil and gas industry and more specifically, changes in environmental or other legislation applicable to Antrim's operations, and Antrim's ability to comply with current and future environmental and other laws, adverse regulatory rulings, order and decisions and risks associated with the nature of the Common Shares.

Many of these risk factors, other specific risks, uncertainties and material assumptions are discussed in further detail throughout this press release and in Antrim's Annual Information Form for the year ended December 31, 2013. Readers are specifically referred to the risk factors described in Antrim's MD&A under "Risk Factors" and in other documents Antrim files from time to time with securities regulatory authorities. Copies of these documents are available without charge from Antrim or electronically on the internet on Antrim's SEDAR profile at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The calculation of barrels of oil equivalent ("boe") is based on a conversion rate of six thousand cubic feet of natural gas ("mcf") to one barrel of crude oil ("bbl"). Boe's may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

In accordance with AIM guidelines, Mr. Murray Chancellor, C. Eng., MICE and Managing Director, United Kingdom for Antrim, is the qualified person that has reviewed the technical information contained in this press release. Mr. Chancellor has over 25 years operating experience in the upstream oil and gas industry.